Get me rewrite

An Italian producer has raised $575 mln in a private coin sale to take on the likes of Netflix and Facebook. His proposed entertainment platform will reward producers and viewers of films, music and other content with tokens. The audacious plan has as many holes as a B-movie plot.

Context News

TaTaTu, a company building a social-media platform that will reward producers and viewers of films, music, sports and other content with cryptocurrency tokens, said on June 12 it had allotted 5.7 billion tokens in a private sale.

The sale of TTU tokens raised $575 million, Coindesk reported, making it the third-largest initial coin offering after those of the encrypted-messaging service Telegram and cloud-computing service EOS.

TTU was quoted at 0.0000939 bitcoin, or the equivalent of just under 60 U.S. cents, on the cryptocurrency exchange HitBTC on June 25.